Following the resignation of Nvidia CEO Jensen Huang amid an affair controversy involving a woman accused of espionage, attention has turned to the business developments of domestic companies collaborating with Nvidia in the artificial intelligence (AI) sector.
In the domestic IT industry, Naver, which has attracted significant investment from Nvidia, and Kakao Mobility, which recently signed an autonomous driving technology agreement, are both moving forward with their projects as planned, despite the leadership change at Nvidia.
On November 13, Nvidia's board announced Huang's resignation and appointed Colette Kress as interim CEO. Huang stepped down from the board on the same day.
Nvidia stated that it will continue to pursue its existing customer contracts, GPU supply, and next-generation product development as scheduled, despite the management changes.
Huang co-founded Nvidia in 1993 and led the company for 33 years, transforming it from a graphics processing unit (GPU) manufacturer into the world's largest AI semiconductor company. He played a key role in developing AI semiconductor technology and spearheading major investments and strategic partnerships with global firms.
Despite government policies aimed at revitalizing the KOSDAQ market, individual stock prices have struggled to recover. This year, approximately 80% of KOSDAQ-listed companies have recorded negative returns, with some stocks plummeting by over 80%. Experts argue that fundamental reforms, including the exit of underperforming companies and restoring market confidence, are necessary before boosting the index.
According to the Korea Exchange on November 13, the KOSDAQ index closed at 699.66, up 0.45% from the previous session. The number of declining stocks decreased significantly from 1,097 to 685, easing overall market pressure. President Lee Jae-myung's remarks during a policy meeting on the need for the exit of underperforming companies and increased transparency contributed to improved investor sentiment.
However, the overall market performance remains weak. As of the closing price on this day, 1,391 out of 1,766 KOSDAQ-listed stocks had declined compared to the last trading day of the previous year, representing 78.8% of the total. This indicates that about 8 out of 10 KOSDAQ-listed companies have experienced stock price declines since the beginning of the year.
The extent of the declines has also been significant. Among the stocks that fell, 226 saw declines in the range of 30% to 40%, while 24 stocks dropped by over 80%. As the upward momentum in the market weakens, losses for some investors have widened.
Trading volume has also contracted. KOSDAQ trading volume decreased from 818.9 million shares at the end of last year to 416.8 million shares the previous day. Trading value also fell from 10.557 trillion won to 5.421 trillion won during the same period. The decline in both trading volume and value has resulted in reduced market activity.
Personal information of 818 participants in the 'Everyone's Startup' initiative, a startup support program by the Ministry of SMEs and Startups, was leaked due to a hacking incident involving a private AI solutions company.
On November 13, the ministry reported that Amicus Rex, one of the 50 AI solution providers for the second phase of 'Everyone's Startup,' detected signs of an external hacking attack on its system at 8:30 a.m. on November 11.
Subsequent investigations revealed that a total of 20,028 personal records were compromised, including those of the 818 participants in the second phase of the program.
To validate ideas and commercialize them, 50 external AI solution providers operated AI solutions on their systems, with the ministry subsidizing the usage fees for participants. It was reported that personal data security was evaluated when selecting AI solution providers.
On November 13, Foreign Minister Park emphasized that peace and stability on the Korean Peninsula are in the mutual interest of South Korea and China, highlighting the need for enhanced strategic communication between the two countries to advance the situation on the peninsula.
According to Yonhap News, the two ministers expressed optimism about the upcoming meeting between the leaders of both countries during the Asia-Pacific Economic Cooperation (APEC) summit in Shenzhen next week during their remarks at the South Korea-China Foreign Ministers' Meeting held at the Diaoyutai State Guesthouse in Beijing.
Minister Park stated, "The Korean Peninsula issue is a vital interest for South Korea, and peace and stability on the peninsula are in the shared interest of both countries. I hope we can continue to strengthen strategic communication between our nations to advance the situation on the peninsula."
He added, "I expect that the leaders of both countries will meet in Shenzhen next week for the first time in 10 months, creating an important opportunity to further mature the strategic cooperative partnership between South Korea and China. I hope the friendship and trust established between the two leaders in Gyeongju will continue through Beijing to Shenzhen, strengthening the relationship between our countries."
On November 13, President Lee Jae-myung stated, "There seem to be too many reform tasks that need to be addressed specifically for the exchange or capital market. I believe we should establish a high-level organization dedicated to this issue."
During a policy meeting on capital market reform held at the Korea Exchange in Yeouido, President Lee emphasized the need for a dedicated task force (TF) for capital market reform.
He remarked, "I think I made a mistake last year. I should have established a dedicated reform organization to push this forward vigorously, but I was too complacent, thinking it would go smoothly." He added that a survey should be conducted, opinions gathered, and tasks identified for legislation and implementation.
He continued, "Let’s create a high-level organization that will focus on this issue beyond general administrative tasks. I suggest that both ruling and opposition parties in the National Assembly participate, along with private exchanges, investment institutions, and associations, to engage in vigorous discussions that will yield optimal solutions."
He concluded by stating, "For issues with significant disagreements, let’s clarify the points of contention and report back so we can discuss and resolve them together."
* This article has been translated by AI.
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